Edmonton Alberta - Alberta's new economic recovery plan doesn't lack for ambition.
 
Premier Jason Kenney is setting his sights on several big targets, from potentially laying the groundwork for a new passenger rail service between Calgary and Banff, to poaching financial firms from Bay Street.
 
These ideas are grand, but are they grounded in reality?
 
We're about to find out.
 
On Wednesday, one of the key planks in the plan kicked in, with the province cutting its corporate income tax rate to eight percent from 10 percent, accelerating a planned reduction 18 months ahead of its original schedule.
 
Kenney said having the lowest corporate tax rates in the country will assist efforts to attract new businesses to Alberta, such as banks and financial services firms.
 
On the tourism front, the document references plans to launch a 10 year strategy to support the industry by advancing strategic infrastructure investments, "including participation in the Canada Infrastructure Bank's potential $1 billion project" that would develop passenger rail service between Calgary and Banff.
 
The idea is currently being examined by Alberta and the federal Crown corporation.
 
The two sides signed a memorandum of understanding (MOU) last month to complete a study and conduct due diligence on the project.
 
"Nobody is close to a final investment decision on this. But we are intrigued by the concept," Kenney said in an interview Monday, noting passenger train service between Calgary and Banff would reduce traffic congestion on highways and improve labour mobility in the area.
 
"I am pretty bullish on the idea, but we obviously need to run the numbers in a very serious economic and engineering study."
 
The new study follows a 2019 report commissioned by Banff, Cochrane, Canmore, and Calgary that found a passenger rail link was feasible.
 
However, it estimated the capital costs at $680 million and noted an operating subsidy of up to $9.1 million annually could be required.
 
According to the Canada Infrastructure Bank, the 130 kilometre long service would potentially have six stops, including the airport, downtown Calgary, Banff, and be built along a line within CP's existing corridor.
 
(Bank officials point out it would not be considered high-speed rail service.)
 
CIB chief investment officer John Casola said this week the two sides are updating the initial study and looking at technical issues, as well as the project's social and economic effects.
 
He expects the report to be done by year's end.
 
"I tell you, we wouldn't have signed an MOU and made an announcement if we didn't really, really, like the project, and think that it has high potential," Casola said.
 
"There is probably, given the numbers that we've seen so far, a way to get this done with all the willing parties. We need to wait for the studies to be completed."
 
Jan Waterous, who along with her husband Adam, has advocated bringing passenger rail service to Banff and has acquired a lease for the community's train station, is encouraged the proposal was mentioned in Alberta's economic recovery blueprint.
 
"Seeing it included felt like just one more step that we think brings us a little bit closer to getting passenger rail," she said.
 
Chris Varcoe.

  Article abridged - non-railway plans deleted.